A programmable memory cell includes a non-volatile memory unit, a reference current generator and a readout unit. The non-volatile memory unit is configured to be performed by a program operation, a read operation or an erase operation. The reference current generator is configured to generate a reference current; wherein a value of the reference current is dynamically modulated according to a count number of the program and erase operations performed on the non-volatile memory unit. The readout unit, electrically coupled to the non-volatile memory unit and the reference current generator, is configured to read a data stored in the non-volatile memory cell according to the reference current. A data read method applied to the aforementioned programmable memory cell is also provided.